Business Structure for Partnerships

[Elizabeth Nolan]

I've done pretty well investing in multifam rentals and I've got friends that always say things like "when are you going to let me in on some of your deals?" ... I've never really needed to because I've always had enough money to fund things myself but I am shifting into flipping and land development and new builds. 

If I were to take money from family and friends, how is it best to structure it? Is it an open-end fund? Does it exist only for one acquisition and sale? Are there buyouts or bail periods negotiated and written before beginning. None of these people would need the money back in less than 5 years.